Sales of newly built, single-family homes rose 1% in July to a 708,000 seasonally adjusted annual rate, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. This data reflected an expected upward revision to the June new home sales estimate.
"New home sales have leveled off this summer after a period of rising costs and strong demand," said Chuck Fowke, chairman of the National Association of Home Builders (NAHB).